Business
Newmark Expands Hotel Capital Markets Practice with New Hires and Three New Locations
Leading Lodging Capital Markets Group adds experts in California, South Florida and Texas, as macroeconomic tailwinds are expected to propel the U.S.
About this update from Newmark Group, Inc.
[{"type":"text","content":"Leading Lodging Capital Markets Group adds experts in California, South Florida and Texas, as macroeconomic tailwinds are expected to propel the U.S. hospitality and lodging industry to a strong recovery in coming years\n\n\nNEW YORK, Oct. 6, 2021 /PRNewswire/ -- Newmark Group, Inc. today announced the expansion of its Lodging Capital Markets Group with two new hires and the relocation of two Newmark professionals. With these moves, the Group has established three new locations in California, South Florida and Texas. The new hires include Nick Pappas, a Senior Managing Director based in Los Angeles and Parker Sherrill, a Director based in Dallas. Lawrence Wolfe, one of four co-heads of Newmark's Lodging Capital Markets Group, is relocating to Miami from New York City and Director Greg Morgan is relocating to Los Angeles from Washington, D.C.\n\n \n \n \n \n \n \n\n \nWith approximately $4.5 billion of hotel transactions currently under contract or in the market, this geographic expansion will further cement Newmark's Lodging Capital Markets Group as one of the leading platforms nationally. The company's recent transactions include arranging the sale of the Potomac Yards hotels in Washington, D.C.; the financing of the Edition West Hollywood and the recapitalization of the Graduate Hotel platform. The impressive collective career resume of Newmark's hospitality professionals includes more than $250 billion of transactions, including some of the most high-profile lodging deals ever completed, such as the sales of the Waldorf Astoria and Baccarat Hotel in New York, Miami Beach's Setai Hotel and Four Seasons Washington, D.C.; as well as the recapitalization of Kiawah Island Resort and the financing of the London West Hollywood. The Group focuses on all lodging and leisure capital markets transactions, including sales, joint ventures and financings.\n\"As 'drive-to' leisure destinations throughout the U.S. are already seeing increasingly strong demand, the hospitality industry's recovery is expected to be fueled by the return of group and corporate travel as well as international tourism in 2022,\" said Adam Etra, Vice Chairman, Co-Founder and Co-Head of Newmark's Lodging Capital Markets Group. \"We are thrilled to announce the continued expansion of Newmark's lodging capital markets platform. We have always been active in the southe...